Egypt's Total Public Debt Reached EGP 3.4 Trillion By End Of 2017: Central Bank
Source: www.export-egypt.com 6/25/2018
Egypt’s total public debt reached EGP 3.4 trillion (approximately $190 billion), representing 83.8% of GDP by the end of December 2017, the Central Bank of Egypt announced .
The rise in the country’s total public debt came due to the breaking up financial services between state apparatuses, according to Al-Ahram Arabic website..
The total public debt announced by the Central Bank of Egypt in its monthly bulletin comes weeks after then-finance minister Amr El-Garhy told MPs that public debt will continue to climb from the current figure..
El-Garhy told the MPs that the country is facing very high debt service rates, after going through a period where the country's workforce was at a standstill, with a growth of 1.5 percent and a rise in population of 2 million people yearly..
According to official statistics from the central bank, the country’s GDP by market prices in fiscal year 2016/17 has reached EGP 3.47 trillion..
According to official statistics from the CBE, the country’s external debt currently stands at $82.9 billion, up from $79.03 billion at the end of last fiscal year..
For the past couple of weeks, parliament has been discussing the country's new state budget for fiscal year 2018/19..
Valued at EGP 1.412 trillion, Egypt’s 2018/19 budget targets a GDP growth of 5.8 percent, up from 5.2 percent in the current fiscal year, a budget deficit of 8.4 percent of GDP, 88 percent public debt, and a 2 percent primary budget surplus, according to statements by the finance ministry in April.